Abstract:
Startup ideas generally germinate within academic, R&D or even corporate setups, which may take the shape of an independent or spin-off firm (McAdam & McAdam, 2008; S. a Mian, 1996). Since educational institutions are meant for construction, dissemination and cultivation of knowledge, in recent years it has been observed that in many countries, educational institutions/R&D labs have started incubating creative ventures and enterprises and have become entrepreneurial hubs. Following these footsteps other emerging economies are also endeavoring to create startup ecosystems through this triangulation of educational institutions, business and innovation (Jansen, Van De Zande, Brinkkemper, Stam, & Varma, 2015; Lowen, 2006; Roberts & Eesley, 2011; Steffensen, Rogers, & Speakman, 1999). Also, a report by National Knowledge Commission in highlighted that it is high time for India to create synergy between education (skill development), innovation (ideas which can create economic and social value) and entrepreneurship (effort leading to commercialization of ideas), which can lead to germination of startups (Goswami, Dalmia, & Pradhan, 208AD). Academic researchers have also developed a framework, which highlight on “educate, simulate and incubate” as a sequential process of entrepreneurship development, and on the role of mentoring support of business incubators (Aernoudt, 2004; Jansen et al., 2015; Ratinho & Henriques, 2010).These Startup-SMEs have exhibited adoption and application of innovative technologies to accelerate on the path of high growth (Drechsler & Weißschädel, 2017; Sikka, 1999) and have contributed significantly towards economic and social progress of their nation.
